Optimal joint replenishment policy for multiple non-instantaneous deteriorating items

Xue-Yi Ai, Jin-Long Zhang and Lin Wang

International Journal of Production Research, 2017, vol. 55, issue 16, 4625-4642

Abstract: In this paper, we deal with the problem of determining the optimal economic operating policy when a number of non-instantaneous deteriorating items are jointly replenished. We establish a multi-item joint replenishment model for non-instantaneous deteriorating items under constant demand rate allowing full backlogging. This problem is challenging, in particular, the cost function is a piecewise function with exponential parts, which makes the problem more complicated. To solve this problem, an approximation method is used to simplify the objective function and a bound-based heuristic algorithm is developed to solve the model. Numerical examples illustrate the effectiveness of the proposed method and the quality of the approximation. Experimental results on a real-life case study show that the proposed model can achieve substantial cost savings compared to the individual replenishment policy for non-instantaneous deteriorating items. Furthermore, sensitivity analysis of key parameters is carried out and the implications are discussed in detail.

Date: 2017
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Citations: View citations in EconPapers (4)

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DOI: 10.1080/00207543.2016.1276306

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